Wenatchee/Ellensburg Washington VA Home Loans - Since 2006    (Veteran Owned And Operated)

Throughout our busy day we come in contact with numerous people; the degree to which we know others of course varies, however the perception of how another see’s us can determine so much.  So take into consideration your daily activities and, compress the entire work day and free time into a single snapshot.  Are you happy with what you see ?? Is there room for improvement ???  While engaging others throughout your workday did you put forth that extra effort to come across extremely happy, excited and positive?? Or did a disagreement you had with your significant other seep through to your day…….did you come across a bit negative with a bit of a sting in your personality……..?? 

For how we come across at work and outside of work may go a very long way in terms of your next sale or relationship building that you have taken months to groom.  We should not take it for granted that others will look past our imperfections, as one lousy day at the office is all it may take to break a long standing relationship that could have possibly landed you many upcoming sales or transactions.  Always be cognisant of the fact that were always on stage.  As brokers, loan officers, and real estate agents, we have to put our “A” Games on every single day and be ready for interaction with anyone at any time !!!!  And just as importantly be ready to deliver !!!! Thats what separates mediocrity from big time success.  Being able to make clutch decisions, delivery, and execution, versus choosing to go with the flow. 

Kevin J. Lawson

I have been in the mortgage industry for nearly 10 years now.  I’ve been in this business  just long enough to have been through a few ups and downs.  Recently I made a road trip through central and eastern Washington to call on Agents and visit local VA institutions.   This particular trip was going to be the first of many in which to lay a foundation;  laying a foundation and building relationships are a critical part of any successful marketing/sales strategy.   I really enjoyed visiting with the different agents as they all have a little different take on what is going on in their community, how the economy is affecting them and what they are doing in order to stay successful.

While in Yakima  I visited Jerry Heyen, of Creekside Realty.  Jerry noted that the Yakima market was steadily moving along, and that homes in the $150k were most active.  While in Wenatchee I met with Doug Andrews and Perrin Cornell, of Century 21 Exclusively.  While meeting with Doug and Perrin of Century 21 Exclusivley, the discussions pertained to the market, market niche’s that we could penetrate, and how well the Wenatchee market has held up in the overall poor economy.  There are only a few pockets in the entire nation that have held its head above water in terms of Real Estate Values and Wenatchee is one of those area’s that can attest to this. 

While in Ellensburg I visited with Del Knudson of John L. Scott, Fran Stolen of Kelley Realty, and Jennifer Savage of Windermere Realty.  All were amazing individuals and top shelf agents, you get the sense these agents all had one thing in common.  They had a great sense of community.  Every single agent genuinely gave a glimpse into what was going on their community; this is huge as it is a direct reflection on them as people and as agents.  They truly are engaged in day to day life in Ellensburg. 

I ended my trip in Spokane Washinginton and had the priveledge of meeting with Jeannette Karis of Re/Max of Spokane.  Jeannette has held the title of Spokane Area Realtor President, as well as ABR, CRS, GRI, SRES, SFR.  Very highly decorated and knowledgeable in her industry Jeannettehas a firm grasp on the pulse of her community as well.  We discussed the market climate in Spokane and laid down some initial strategy to incorporate both of us in order to leverage our marketing in the area.  Jeannette has many successful years of interaction with the VA client base, and has a strong reputation in the industry as well as with the VA community, as she serves in several capacities within the VA network.  Once again community is the common denominator.

Kevin J. Lawson 

Officials have begun evaluating claims under the expanded Homeowners Assistance Program for military homeowners caught in the housing crisis, now that the Defense Department has issued its eligibility rules.

But because of limited funds, officials expect to cut off benefits Dec. 31 for homeowners affected by permanent change-of-station moves, one of the new groups covered under the expanded program. The law had authorized defense officials to run that program through Sept. 30, 2012.

Those who get PCS orders by Dec. 31 will be eligible if they meet other requirements, and they must submit the application by March 31, 2010. The program applies retroactively to those who received PCS orders on or after Feb. 1, 2006.

Mike McCord, Defense Department deputy comptroller said an estimated 10,000 homeowners will be eligible.

The first priority for the $555 million program will be wounded warriors who relocate for medical treatment or medical retirement due to disability, and surviving spouses of those killed in the line of duty. Their benefits will be retroactive to September 11, 2001, and will be permanent for those affected in the future.

According to the Pentagon rules, the government will reimburse eligible homeowners for losses incurred when selling their houses, or will buy houses of those who have been unable to sell.

Officials added one group not included in the law: Coast Guard members who make PCS moves.

• Homeowners must have lost at least 10 percent between the purchase price and sale price of the home, and the home must be in an area that suffered at least a 10 percent decline in housing prices.

• The home’s value must not exceed a cap that ranges between $417,000 and $729,750, depending on location.

• The move must be farther than 50 miles.

• Homeowners under PCS orders or affected by base realignment and closure actions must have purchased the homes before July 1, 2006.

• BRAC homeowners must sell their houses, on the local market or to the government, by Sept. 30, 2012.

How reimbursement will work:

• Wounded warriors, wounded defense or Coast Guard civilians and surviving spouses would receive a cash payment for the difference between their home’s sale price and 95 percent of its prior fair-market value.

• Those in communities where it is proven that the market declined because of a BRAC announcement would receive 95 percent of the home’s prior fair-market value.

• Other BRAC and PCS homeowners would receive up to 90 percent of the home’s prior fair-market value.

Circumstances under which the government will buy the home or pay off the mortgage:

• The government will buy the home only if the homeowner can’t sell it after 120 days on the market at a price deemed appropriate by the Army Corps of Engineers.

• Wounded warriors, wounded defense and Coast Guard civilians and surviving spouses unable to sell their homes will be able to sell to the government for 90 percent of the home’s prior fair-market value.

• For BRAC and PCS homeowners, the government would pay 75 percent of the home’s prior fair-market value.

It is unclear when officials will begin processing payments and buying houses. The regulations are subject to the federal rule-making process, which includes publication in the Federal Register and a comment period.

Kevin J. Lawson

In last month’s report from the NAR, existing-home sales  jumped 9.4 percent to an annual rate of 5.57 million units in September from a level of 5.10 million in August. Sales activity was at the highest level since hitting 5.73 million annualized units in July 2007.  Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale, which represented an 7.8-month supply.  The national median existing-home price for all housing types was $174,900 in September,

In this month’s report, existing-home sales surged 10.1 percent to an annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in September. Sales activity is at the highest pace since February 2007 when it hit 6.55 million. Total housing inventory at the end of October fell 3.7 percent to 3.57 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, less than the revised for the worse 8.0-month supply which was reported in September. The national median existing-home price for all housing types was $173,100 in October, down 7.1 percent from October 2008.

From the National Association of Realtors…

Existing-home sales– including single-family, townhomes, condominiums and co-ops –surged 10.1 percent to a seasonally adjusted annual rate of 6.10 million units in October s from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008.

Sales activity is at the highest pace since February 2007 when it hit 6.55 million.  However we have to remember much of this has do with the current programs that are available to us(the public), and that we the taxpayers are being billed at an astronomical rate…..in which we will have to pay  back.  Someday.  We need to keep these things in mind as our nation gets back on its feet. 

Kevin J. Lawson

Right now, companies all over the US are talking about next Friday: Black Friday! Either companies are closed, and the employees have the day off to go spur the economy, or companies are open. Those that are open may have low seniority people at the desks, or people who don’t care about taking the day off and would rather “bite the bullet” and come in for the day after Thanksgiving. US Postal service is in effect, and therefore it counts as a rescission day. But lock desks, and loan sales, will slow down next week with the holiday coming up.

Maybe folks are out there thinking about their upcoming holiday parties, assuming lay-offs have not been too dramatic and they’re actually going to have one.  If your in a position, employed, with holiday party to look forward to consider yourself lucky and blessed.  As we approach these holidays, there is a percentage of the country that is not so well off.  If we have the capacity to help or assist others we should take advantage of that, and make that happen.  For it is time to take action; help those in NEED and realize that there is no better feeling, its the right thing to do.  Simply help when possible.

Like most of America I’ve gained a little weight lately, so I decided that I needed to figure out an exercise routine. I happened upon this one:

“Begin by standing on a comfortable surface, where you have plenty of room at each side. With a 5-LB potato sack in each hand, extend your arms straight out from your sides and hold them there as long as you can.

Try to reach a full minute, and then relax. Each day you’ll find that you can hold this position for just a bit longer.After a couple of weeks, move up to 10-LB potato sacks. Then try0 50-LB potato sacks and then eventually try to get to where you can lift a 100-LB potato sack in each hand and hold your arms straight for more than a full minute.

After you feel confident at that level, put a potato in each sack.

Kevin J. Lawson

In conversations with Donna Henry, a highly regarded Spokane realtor, she enforces the fact that foreclosures and short sales continue to be a key part of the housing activityin their area. Many analysts feel that the pace of short sales is likely to increase, especially given market conditions and the opinion that short sales are an alternative to foreclosure that can benefit the borrower and the lender. The lender sees potentially lower losses on the loan, and the borrower avoids the stigma of having a foreclosure on their credit history. The government continues to use various tools, such as modifications or foreclosure moratoria (moratoriums?) to prevent more loans from entering the REO market.

The short sale option is mostly offered to borrowers who are ineligible for or have failed to succeed in loan modifications, or just choose not to be modified and are certain to enter foreclosure (or are already there). The program can be economically beneficial to both parties involved.

For the servicer, the four main costs involved in selling the house are:

• Possible further depreciation in a declining market
• A discount to the overall market when sold
• The cost of principal and interest advanced to the trust until the house is sold
• Repair and maintenance costs.

Foreclosures, which turn into REO situations, typically take longer than a short sale, exposing the parties to more possible depreciation, and few banks & institutions are in the business of owning real estate. In a foreclosure, servicers find that the expenses associated with the liquidation and repair costs are significant, given that foreclosed upon borrowers are unlikely to maintain the property. Most of the benefits of a short sale are due to the shortened timeline and cooperation from the resident. The house would also potentially attract better bids, as it is being actively maintained and lived in.

From the troubled borrower’s viewpoint, they have to decide among a foreclosure or short sale, staying in the house for free until evicted, staying in the house until it is sold in a short sale. A short sale will have a lesser hit on their credit history, and probably be able, if they really want, to buy a house after a few years. Of course there are emotional differences between a foreclosure and a short sale, potential deficiency judgment issues, the stigma of having been foreclosed upon, and tax implications of forgiven debt. The lender typically reports a successful short sale differently from a foreclosure to the credit bureaus although if the loan had gone deeply delinquent prior to completion of a short sale, the hit to credit history would already be significant and, thus, not much different from foreclosure. The biggest advantage to a borrower when opting for a short sale is the timeframe within which a new mortgage loan can be taken out: two years versus (I believe) five for a foreclosure.

Kevin J. Lawson